Reserve Bank Of India i.e. RBI is the Central Bank of India. RBI was established on 1st April 1935 under the provision of the Reserve Bank of India Act, 1934, and was formed by the recommendation of “Hilton – Young Commission”. The RBI was originally privately owned but after its nationalization on 1st January 1949 after the independence of India, it has fully become Government Bank.
Governor of RBI
Initially, RBI was headquartered in Kolkata which is then shifted to Mumbai in 1937. The first governor of RBI was Osborne Smith while the first Indian Governor was Sir C. D. Deshmukh. RBI has 25 governors to date. Mr. Shaktikanta Das is the RBI Governor of India. He is the 25th RBI Governor and all the RBI functions are supervised by him.
Functions of RBI Governor
RBI is the central bank of India. RBI holds all the major responsibilities related to the Financial Services of India in form of monetary policy. These are are the functions of RBI.
- Monetary Authority: RBI implements and monitors the monetary policy.
- Regulator and Supervisor of the Financial System: RBI prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
- Manager of Foreign Exchange: Manages the Foreign Exchange reserves of India and also maintains the external value of Rupee.
- The issuer of Currency: Issues and exchanges or destroys currency and coins not fit for circulation.
- Developmental Role: RBI performs functions to support national objectives for rural and agricultural finance.
- Financial Inclusion
- Banker to Government
- Bankers to banks
- Controller of Credit
- Issue of Bank Notes
RBI Governor of India
The central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The board consists of a governor, and not more than four deputy governors; four directors represent the regional boards. The present Governor of RBI is Shaktikanta Das. There are four Deputy Governors and they are Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar The structure of RBI will be understood below.
- One– Governor
- Four– Deputy Governor
- Fourteen– Directors
- Two– Government Officers
Present RBI Governor Of India
The present RBI Governor of India is Mr. Shaktikanta Das. He is the 25th Governor of the RBI. He has taken charge from 12th December 2018 succeeding Mr. Urjit Patel. RBI Governors India has some power for taking decisions related to the financial services of the country. Some of the powers are mentioned below.
- The Governor head all the commercial banks.
- He acts as the banker’s banker.
- He has control over the stock market.
- His Signatures are on the currency notes.
- He has control over the monetary, currency, and credit system
RBI Governors Power
The governor has many different types of powers which include the following:
- Executive powers related to administration, appointments, and removals,
- Legislative powers related to lawmaking and the state legislature, that is State Legislative Assembly (Vidhan Sabha) or State Legislative Council (Vidhan Parishad),
- Discretionary powers to be carried out according to the discretion of the governor. the governors of India have similar powers and functions at the state level as those of the president of India at the central level.
RBI Governors Tenure
RBI governor officially serves for the period of three years but in some cases, the service period can be extended to 2 more years. Benegal Rama Rau was the longest-serving Governor of RBI with a tenure of 7 years and 197 days. Amitav Ghosh was the shortest-serving Governor of India for only 20 days. The Governor can be terminated in only two cases which are as follows:
- If dismissed by the President.
- Resignation is submitted by the Governor to the President.
RBI Governors List from Present RBI Governor to Date
The below table consists of the RBI Governor list with the name of the governors and their serving period in descending order. The present governor Governor Shaktikanta Das’s tenure is extended for three more years in December 2021.
|RBI Governors Names||Time Period 1935-2022|
|Shaktikanta Das||December 12, 2018 – to date|
|Urjit Ravindra Patel||September 4, 2016 – December 10, 2018|
|Raghuram G. Rajan||September 4, 2013 – September 4, 2016|
|D. Subbarao||September 5, 2008 – September 4, 2013|
|Y.V. Reddy||September 6, 2003 – September 5, 2008|
|Bimal Jalan||November 22, 1997 – September 6, 2003|
|C. Rangarajan||December 22, 1992 – November 21, 1997|
|S. Vpnldraramanan||December 22, 1990 – December 21, 1992|
|R.N. Malhotra||February 4, 1985 – December 22, 1990|
|Amitav Gosh||January 15, 1985 – September 4, 1985|
|Manmohan Singh||September 16, 1982 – January 14, 1985|
|I.G. Patel||December 1, 1977 – September 15, 1982|
|M. Narasimham||May 3, 1977 – November 30, 1977|
|K.R. Puri||August 20, 1975 – May 2, 1977|
|N.C. Sen Gupta||May 19, 1975 – August 19, 1975|
|S. Jagannathan||June 16, 1970 – May 19, 1975|
|B.N. Adarkar||May 4, 1970 – June 15, 1970|
|L.K. Jha||July 1, 1967 – May 3, 1970|
|P.C Bhattacharya||March 1, 1962 – June 30, 1967|
|H.V.R Lyengar||March 1, 1957 – February 28, 1962|
|K.G. Ambegaonkar||January 14, 1957 – February 28, 1957|
|Sir Bengal Rama Rau||July 1, 1949 – January 14, 1957|
|Sir C.D. Deshmukh||August 11, 1943 – June 30, 1949|
|Sir James Braid Taylor||July 1, 1937 – February 17, 1943|
|Sir Osborne Smith||April 1, 1935 – June 30, 1937|
RBI Governor Selection Process
Article 157 and Article 158 of the Constitution of India have details about the eligibility requirements for the post of governor. They are as follows:
- must be at least 35 years of age.
- should not be a member of either house of the parliament or the house of the state legislature.
- should not hold any office of profit.
Governor of RBI Appointment
The Governor of India (a State) is appointed by the President of India. The factors based on which the President evaluates the candidates are not mentioned in the Constitution.
RBI Governor Salary
According to the sources, the monthly salary of RBI Governor India is ₹350,000. Along with the salary, the governor is entitled to the rent-free official residence, free household facilities, and conveyance. The governor and his family are provided with free medical attendance, accommodation, and treatment for life
RBI Governors: FAQ
Q. Who is the present RBI Governor of India?
Ans: Mr. Shaktikant Das is the 25th Governor of India.
Q. Who was the first Governor of RBI?
Ans: Sir Osborne Smith was the first Governor of RBI.
Q. Who was longest Serving Governor of India?
Ans: Sir Bengal Rama Rau was the longest-serving governor.
Q. What is the establishment date of RBI?
Ans: RBI was established on 1st April 1935 under the RBI Act, 1934.
Q. What is the tenure of the governor of India?
Ans: The tenure of an RBI Governors as specified in the constitution is three years and can be extended for two years.